2021-03-31-accounts

HEELEY DEVELOPMENT TRUST

REGISTERED IN ENGLAND AND WALES UNDER COMPANY NUMBER 3288676 REGISTERED CHARITY NUMBER 1067567

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

TINGLE ASHMORE LTD

CHARTERED ACCOUNTANTS AND REGISTERED AUDITORS

SHEFFIELD

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

INDEX

	Page
Trustees' annual report	1-7
Independent auditors' report	8-11
Statement of financial activities and income and expenditure account	12
Balance sheet	13
Statement of cash flows	14
Notes to the financial statements	15-25

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

TRUSTEES' ANNUAL REPORT

31ST MARCH 2021

The trustees present their annual directors' report and the audited financial statements of the charity for the year ended 31st March 2021 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

Objectives and activities

The principal activities of the charity remain to create and manage Heeley Millennium Park (now called Heeley People's Park) for the public benefit within the area of Heeley and Lowfield in Sheffield and also to promote other charitable purposes for the general benefit of the public in that area.

Heeley People's Park is approximately 4 hectares of greenspace that Heeley Development Trust secured on a 125 year lease from Sheffield City Council in 1997.

The Trust also has a 25 year lease for the Heeley Institute, a refurbished Grade II listed Wesleyan Chapel, which provides space for community activities. The lease is from Heeley and Gleadless Valley Parochial Church Council and commenced in August 2001.

On 27th June 2012, the Trust took a 125 year lease on the Former Anns Grove School site. This enabled the first phase of building refurbishment to begin - a 28 Studio managed workspace for creative and digital businesses called Sum Studios.

TRUST MANAGER'S REPORT 2020-21

CONTEXT:

Heeley Trust have developed an approach to Asset Based Community Development over 25 years. We have delivered a diverse range of projects that underpin a single approach to local place development and economic recovery and supporting people in our community who need us.

We are tackling heritage deficit, dereliction and market failure to generate a grant independent income.

This was the year that we would open a brand-new, independent, Community Owned Bike Shop and we were gearing up for yet another massive effort to break through the funding barriers and political inertia. We were determined – this time we were going to raise funding and complete the restoration of SUM Studios.

World events changed that plan a bit…

This is a report of two halves – firstly we need to account for ourselves as a charity in receipt of grants and public funding – what were our outputs? What did we deliver?

The second half of this report is an account of our Community Covid Response – a diary of slightly more than a year when we feel we earned our status as a community anchor – because for us that means that we are here whatever happens, we are rooted and staying and we are about a lot more than just our own organisation… we are here for Heeley and for the amazing people who live and work here.

So – outputs:

Page 1

HEELEY DEVELOPMENT TRUST

TRUSTEES' ANNUAL REPORT

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

PROMOTING CYCLING AND ACTIVE TRAVEL:

Shop

496 bike donations received 192 refurbished bikes sold in our shop 104 bikes refurbished for Sheffield University - 98 sold 2 refurbished bikes were donated to Roundabout 218 unprocessed bikes passed on to Aid 4 Gambia and other charities Sadly, we had no volunteer projects running in our workshop this year due to covid

Sheffield CycleBoost

Bike loans - unique users only: 202 (114 completed, 88 ongoing but started before 29/03/21) Not running Dr Bikes this year

Rotherham Journey Matters

Bike loans - loan periods: 343 Unique users: 103 Dr Bikes: 15 bikes checked over 4 sessions

Barnsley Active Travel Hub

Bike loans - loan periods: 881 Unique users: 175 Internal Dr. Bikes: 199 bikes checked Not running external Dr Bikes this year.

COMMUNITY WELLBEING OUTPUTS

Lockdown – 700 households supported with food, meds, wellbeing – Separate Report (Below)

Vaccine Hub Volunteering

85 Volunteer registrations We have delivered more than 15,000 doses as of end of March 21 Coordinated 1330.5 volunteer hours

Digital Inclusion

Weekly device doctor, iTea and Chat 1-2-1’s plus an online class/drop in – (40 delivered, average 14 learners) One to ones and face to face Community Work restarted Jan 2021 50+ Digital devices loaned to people during Lockdown

Livewell with Dementia

3 groups a week - young dementia support group, Carers Relaxation Group, Mindful walking, Wellbeing calls and packs

Health Projects

200 referrals to our social prescribing service since we restarted telephone and video call appointments in August 2020. We delivered individual support and referred to; weight management courses, online Zumba classes, Nature Natter, Knit and Natter.

PLUS : Our team also delivered: 10 virtual student placements, Matrix reaccreditation, one In Real Life! tea party, many walks, an online Women’s Day event, our first Christmas Day opening in the park, we recruited 4 new staff.

Page 2

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

TRUSTEES' ANNUAL REPORT

OUR CORE & OPERATIONS TEAM OUTPUTS

We also continued to upgrade all our IT and Comms across all our sites, we fundraised for a new playground, ran a procurement process and selected and codesigned the facilities with local volunteers and Timberplay – an amazing local company.

We kept the Park open, safely supervised and litter picked throughout and we installed a completely new playground – ready to be opened as National Lockdown restrictions were lifted. We owe a big Thank You to FCC and Timberplay for their support and funding of the new Playground – you have transformed our landscape and made a lot of young families very happy – Thank you.

FORMAL STATEMENTS ABOUT OUR FUNDRAISING AND SALARY DETERMINATION

Fundraising: Heeley Trust receives a number of generous donations every year, we have a number of regular subscribers to our Heeley People’s Park and we are incredibly grateful.

The Trust will always seek to earn the bulk of the income we need and to use grant and donations to add real value.

We do not actively seek or organise significant fundraising from individuals.

Salaries: Senior (Management Team) Staff Salaries are reviewed annually as part of a pay review for all staff. The Trustees operate a Pay Review Committee to scrutinise this.

The Trust actively seeks to lead by example on this matter and to keep salaries fair – the ratio between top

and bottom of our salary scale is currently 1:2.3

Our Covid Diary

The global pandemic was such a difficult and divisive and sudden cataclysm – I think that adding this account to our normal reporting is acceptable under the circumstances – we need to record and credit the efforts of the people we worked and volunteered with last year – they were amazing.

Our response was quick and lasted for about a year and a quarter – although in truth we are still responding. Much of this brief account is in addition to what we delivered above – but there is cross over.

We think there are some important lessons to learn in all this, what local organisations like ours did across the country is epic – and largely unrecognised by Government and National Media at least – the numbers are factual, we didn’t close and claim to be open, we moved very quickly, we did not wait for permission, we had no time to write bureaucratic bids to support this work – for the most part this was done at risk – we filled in the gaps as we went.

Importantly, flexibility from the People Keeping Well Commissioner and her team at Sheffield City Council enabled this, funding support and flexibility from Power to Change for our Bike Shop got us over a hump – these were examples of enabling commissioning and funding – imagine what we could do if this was the norm!

28 Heeley Trust Staff, our Trustees and 85 Volunteers did this:

Page 3

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

TRUSTEES' ANNUAL REPORT

31ST MARCH 2021

March 20

Initially establishing an emergency phone line (More than 3 weeks ahead of the statutory services) we supported over 700 local people with daily or weekly welfare calls, organised shopping and prescriptions deliveries, liaised with other services and responded to GP and neighbour’s referrals.

Our Just reopened bike shop, A Different Gear pivoted from commercial sales to e bike loans and repairs for key workers – loaning more than 100 bikes to frontline staff to get to work.

At the same time we were making our buildings safe, updating tenants and ensuring covid safety for our workspaces. We supported all our tenants to bid for Government support and offered significant rent reductions and bailouts to tenants to ensure their survival – this subsidy totalled £9,462.50 by the end of the year.

June 20

Once this crisis response was bedded in, we moved to phase two and started to support online banking and shopping, re-established our regular groups virtually and created online knit and natter, crafting and IT support – self-help and growing resilience.

Summer 20

With this in place we supported local retired GP’s and Public Health Leaders to establish a Covid Resilience and Teaching Service that successfully challenged the national failure to deliver track and trace and delivered a pilot project with local volunteers. This group has supported a city-wide network of covid champions, and is working with Sheffield Teaching Hospitals to deliver an inpatient contact tracing pilot.

2021

From January to August 2021, we supported our Primary Care Network to develop and manage the local Vaccine Hub – protecting our most vulnerable. We recruited 85 volunteers, supported neighbouring hubs to establish following our approach and we delivered 32,000 Vaccines.

Our Local Open Spaces were critical during lockdown and we continued to safely maintain and monitor our Heeley Peoples Park throughout. During lock down we secured funding for a new playground and oversaw the design and instal. We opened just as spring lockdown restrictions were eased and blimey was it popular!

We delivered a Covid Secure Health and Wellbeing Festival and a successful arts and theatre programme in our Park over the summer.

We reopened A Different Gear and despite Brexit and supply chain failure challenges, delivered our most successful trading year ever – the uplift in turnover between ReCycleBikes final year and A Different Gear’s first year – 116%!

We did this by minimising use of furlough, by working hard (600 hours at the Vaccine Hub for just 1 of our staff – we lost track across the whole team) and by relying on partners and networks in a new way. All of this has given us a newfound confidence and profile, a lot of learning and not a few scars.

None of this would have been possible without the underpinning economy of our buildings, networks and partnerships built over 25 years and the skills and energy of our staff and Trustees.

We will always remember this awful year – the personal cost to people in our team and in our community, but we will always remember the incredible dignity we saw and the efforts to help and to do the right thing that we were all so lucky to be part of.

Page 4

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

TRUSTEES' ANNUAL REPORT

31ST MARCH 2021

So – Funders, Government, Commissioners – my challenge to you: Community Infrastructure IS economic infrastructure!.

Resilient local economies depend on us and the work we do. We do it despite absence of funds, your bureaucracy and your grant dependent, deficit thinking – and we have shown what can be achieved when commissioning is enabling and trusting.

You cannot deliver Levelling Up without us – Wake up! Recognise this opportunity - Work with us.

Andy Jackson Trust Manager.

Financial review and reserves policy

The Statement of Financial Activities shows total income of £1,275,562 and total expenditure of £1,190,057 for the year. Net income for the year was £85,505 which comprises a surplus on unrestricted funds of £57,083 and an increase in restricted fund balances of £28,422.

Total funds at 31st March 2021 amounted to £2,483,521 of which £1,924,958 lie in restricted funds. These are funds committed to specific purposes or represent the net book value of assets purchased using restricted grant income, with the majority of the latter relating to the leasehold improvement works.

As shown in note 16 to the financial statements, the charity's general funds at 31st March 2021 amounted to £165,362. The charity's policy is to hold reserves of no more than 13 weeks of unrestricted expenditure which would be around £235,000.

The trustees acknowledge and continue to monitor the general funds balance and, as detailed above, are developing additional income streams to enable the Trust to increase the general funds towards the level set out in the reserves policy.

Principal funding sources

The principal funding sources of the Trust are rental income, fees earned and grants receivable.

Public benefit

The trustees consider that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charities Commission and that the detailed review of activities, set out above, demonstrates that the charity delivers public benefit.

Structure, governance and management

Governing document

Heeley Development Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. In the event of the charity being wound up members are required to contribute an amount not exceeding £10.

Appointment of trustees

All directors of the company are also trustees of the charity. There are no other trustees. All the trustees named on the information page served for at least part of the year. One third of the trustees retire at the forthcoming Annual General Meeting but are eligible for re-appointment. The trustees may appoint a person as a trustee to fill a vacancy or to act as an additional trustee.

Page 5

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

TRUSTEES' ANNUAL REPORT

31ST MARCH 2021

Structure, governance and management (continued)

Organisation

The charity is organised so that the trustees and its finance sub group meet regularly to manage its affairs. The day to day administration of the charity is delegated to employees.

Risk management

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to those risks.

Reference and administrative details

Reference and administrative	details
Charity number	1067567
Company number	3288676
Name and registered office	Heeley Development Trust
	Ash Tree Yard, 62-68 Thirlwell Road, Heeley, Sheffield, S8 9TF
Our advisors:
Auditors	Tingle Ashmore Ltd
	Chartered Accountants and Statutory Auditors
	Enterprise House, Broadfield	Court, Sheffield, S8 0XF
Bankers	Unity Trust Bank Plc
	Nine Brindleyplace, Birmingham, B1 2HB
Directors and trustees	P Grassick
	K Irwin
	A V Kersey
	A Ponsford
	S Abram
	T Askins
	S Blandy
	E Chard
	A Ashton
	R Thomas
	T White	- appointed 23/11/20
Company secretary	S Bartles
Key management personnel	A Jackson	Trust Manager
	S Bartles	Finance Manager
	CM Connolly	Learning Manager (from 1/1/20)
	M Bowler	Learning Manager (to 31/12/19)
	A Walker	Cycle Projects Manager
	T Forman	Operations Manager

Page 6

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

TRUSTEES' ANNUAL REPORT

Statement of trustees' responsibilities

The trustees (who are also directors of Heeley Development Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for the year. In preparing these financial statements, the trustees are required to:

• ●select suitable accounting policies and then apply them consistently;

• ●observe the methods and principles in the Charities SORP 2019 (FRS 102);

• ●make judgments and estimates that are reasonable and prudent;

• ●state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• ●prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• ●there is no relevant audit information of which the charity's auditor is unaware; and

• ●the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

The report of the trustees was approved by the board on 29th November 2021 and signed on its behalf by

…………………………………………… S Bartles Secretary

Page 7

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

HEELEY DEVELOPMENT TRUST

Opinion

We have audited the financial statements of Heeley Development Trust (the ‘charitable company’) for the year ended 31st March 2021 which comprise the Statement of Financial Activities and Income and Expenditure Account, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

• give a true and fair view of the state of the charitable company's affairs as at 31st March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ●have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

HEELEY DEVELOPMENT TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

HEELEY DEVELOPMENT TRUST

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report (incorporating the Directors' Report) for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 7, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Page 9

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

HEELEY DEVELOPMENT TRUST

Based on our understanding of the charity and the environment in which it operates we identified that the principal risks of non-compliance with laws and regulations related to health and safety and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements being the Companies Act 2006, Charities Act 2011, Charity SORP and payroll tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of overriding internal controls, and determined that the principal risks related to the incorrect classification and recognition of income and posting inappropriate journal entries. Audit procedures performed included the following:

• Discussion with management regarding their knowledge or suspicion of instances of non-compliance with laws and regulations and fraud;

• Evaluating management's controls designed to prevent and detect irregularities;

• Reviewing correspondence from funders for significant receipts;

• Identifying and testing journals, in particular those for large amounts, unusual descriptions or those for year end adjustments;

• Reviewing the minutes of Trustee meetings;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).

Page 10

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

HEELEY DEVELOPMENT TRUST

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………… Dated : 6th January 2022 Brendan Ashmore ACA Senior Statutory Auditor for and on behalf of Tingle Ashmore Ltd Chartered Accountants and Statutory Auditors Enterprise House, Broadfield Court, Sheffield, S8 0XF

Page 11

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	2021	2021	2021	2020
		£	£	£	£
Income from:
Donations and similar income		3,082	-	3,082	6,965
Charitable activities:
Grants receivable	2	-	285,263	285,263	262,903
Fees earned		782,096	-	782,096	777,180
Rents receivable		146,759	-	146,759	189,343
Other income
Coronavirus Job Retention	Scheme	57,836	-	57,836	-
Insurance claim		526	-	526	5,714
		_	_	__	__
Total income		990,299	285,263	1,275,562	1,242,105
		_	_	__	__
Expenditure on:
Charitable activities	3	933,216	256,841	1,190,057	985,789
		_	_	__	_
Total expenditure	4	933,216	256,841	1,190,057	985,789
		_	_	__	_
Net income for the year	5	57,083	28,422	85,505	256,316
Total funds brought forward		501,480	1,896,536	2,398,016	2,141,700
		_	__	__	__
Total funds carried forward		£558,563	£1,924,958	£2,483,521	£2,398,016
		_ _	_ _	_ _	_ _

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 12

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

BALANCE SHEET

	Notes		2021	2020
		£	£	£
Fixed assets
Tangible assets	8		2,691,842	2,705,201
				__
Current assets
Stock		99,436		35,763
Debtors	9	301,758		224,612
Cash at bank and on hand		429,694		296,853
		_		_
		830,888		557,228
Creditors - amounts falling due within one year	10	463,240		271,110
		_		_
Net current assets			367,648	286,118
			__	__
Total assets less current liabilities			3,059,490	2,991,319
Creditors - amounts falling due after more than
one year	11		575,969	593,303
			__	__
Net assets			£2,483,521	£2,398,016
			__	__
			__	__
Income funds
Unrestricted funds
General funds	16		165,362	113,952
Designated funds	16		255,537	249,864
Revaluation reserve	15		137,664	137,664
			_	_
			558,563	501,480
Restricted funds	16		1,924,958	1,896,536
			__	__
Total funds	17		£2,483,521	£2,398,016
			_ _	_ _

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved and authorised for issue by the Board on 29th November 2021 and signed on their behalf by

……………………………….

S Abram

Trustee

……………………………….

P Grassick

Trustee

Company number : 3288676

Page 13

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

STATEMENT OF CASH FLOWS

	Notes	2021	2020
		£	£
Cash flows from operating activities:
Net cash provided by operating activities	19	156,920	153,468
		_	_
Cash flows from investing activities:
Payments to acquire tangible fixed assets		(11,245)	(320,014)
		______	_
Net cash used in investing activities		(11,245)	(320,014)
		______	_
Cash flows from financing activities:
Repayments of borrowing		(12,834)	(17,333)
		______	______
Net cash used in financing activities		(12,834)	(17,333)
		______	______
Change in cash and cash equivalents in the year		132,841	(183,879)
Cash and cash equivalents at 1st April 2020		296,853	480,732
		_	_
Cash and cash equivalents at 31st March 2021		£429,694	£296,853
		_	_
		_	_
Cash and cash equivalents consists of:
Cash in hand		222	222
Bank balance		429,472	296,631
		_	_
Cash and cash equivalents at 31st March 2021	20	£429,694	£296,853
		_ _	_ _

Page 14

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

• 1 Accounting policies

Heeley Development Trust is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 6 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The following is a summary of the more important accounting policies used by the charity.

Going concern

The financial statements have been prepared on the going concern basis as the trustees believe that there are no material uncertainties.

Income

All income is accounted for as soon as the charity has entitlement to the income, there is certainty of receipt and the amount can be measured.

Income is only deferred when:

• ●The donor specifies that the grant or donation must only be used in future accounting periods; or

• ●The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Grants receivable

Grants in respect of revenue items are written off to the income and expenditure account in the period to which they relate. Grants in respect of specific projects are credited to a restricted fund, against which relevant expenditure is charged.

Grants relating to fixed assets are credited to a restricted fund on the income and expenditure account from which amounts are released to revenue over the same period as the depreciation period of the relevant assets.

Fees earned and rents receivable

Fees and rents are credited to the period in which they are receivable.

Expenditure

Expenditure is recognised when a liability is incurred. Charitable activities includes those costs incurred by the charity in the delivery of its activities. Governance costs include those costs incurred in meeting the constitutional and statutory requirements of the charity.

Pensions

The charity operates a defined contribution pension scheme for its employees. The scheme funds are administered by trustees and are independent of the charity's finances.

Operating leases

Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

Page 15

HEELEY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

Tangible fixed assets and depreciation

The freehold property is stated at market value.

The improvements to the leasehold property are stated at cost, including finance costs to the date of completion on a loan which specifically related to the financing of the project.

Other tangible fixed assets are stated at cost less depreciation.

Depreciation is calculated to write down the cost of the fixed assets over their expected useful lives. The rates used are as follows:-

Computer equipment 25% per annum, straight line basis Other equipment 25% per annum, reducing balance basis Motor vehicle 25% per annum, reducing balance basis

Stock

Stock is stated at the lower of cost and net realisable value. Cost is calculated using the first in, first out (FIFO) basis.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered.

Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and are subsequently measured at their settlement value.

Irrecoverable value added tax

Irrecoverable value added tax is written off to the Statement of Financial Activities in the year in which it arises.

Termination Benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.

Page 16

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

Fund accounting

Funds held by the charity are either:-

• ●Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

• ●Designated funds - these have been set up to identify those unrestricted funds that are not general funds. These include unrestricted funds earmarked by the charity's trustees to be used for a particular purpose in the future and the net book value of capital assets purchased using the charity's general funds.

• ●Revaluation reserve - this represents the difference between the market value of the freehold property and its historic cost.

• ●Restricted funds - these are funds that can only be used for particular restricted purposes, imposed by the donor or through the terms of an appeal.

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		£	£	£	£
2	Grants receivable:
	Covid-19 Emergency Funding
	Power to Change	-	30,000	30,000	-
	Sheffield City Council	-	20,000	20,000	-
	Adult Learning
	Sheffield City Council
	Dementia	-	4,000	4,000	-
	Digital Inclusion	-	6,811	6,811	-
	People Keeping Well	-	68,000	68,000	-
	Walking for Purpose	-	6,286	6,286	-
	Arts Council	-	24,900	24,900	-
	Health Education England	-	30,576	30,576	-
	Young Dementia	-	-	-	3,750
	Good Things Foundation	-	1,500	1,500	1,500
	South Yorkshire Community Foundation	-	-	-	1,066
	Other smaller funders	-	250	250	-
	Greenspace
	FCC Communities	-	67,120	67,120	-
	Cycle Projects
	Power to Change	-	-	-	38,196
	Department for Transport	-	1,991	1,991	2,079
	Big Bike Revival Grant	-	3,000	3,000	-
	Community Buildings
	Power to Change	-	-	-	205,409
	Architectural Heritage Grant	-	7,283	7,283	7,903
	Co-op Foundation Grant	-	10,000	10,000	-
	The JG Graves Charitable Trust	-	3,546	3,546	-
	Sheffield Town Trust	-	-	-	3,000
		___	_	_	_
		£-	£285,263	£285,263	£262,903
			_ _	_ _	_ _

Page 17

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		£	£	£	£
3	Charitable activities
	Salaries and national insurance	449,912	102,729	552,641	507,449
	Direct project costs	445,176	139,268	584,444	435,564
	Insurances	403	-	403	12
	Energy costs	-	-	-	1,151
	Repairs, renewals and sundry equipment	1,384	-	1,384	1,033
	Travelling expenses	-	-	-	128
	Telephone, fax and internet	2,210	-	2,210	2,848
	Stationery and postage	1,223	-	1,223	1,606
	Newsletter, advertising and publicity	492	-	492	487
	Miscellaneous expenses	2,930	-	2,930	2,892
	Bad debts	9,810	-	9,810	-
	Bank charges and interest	983	-	983	1,110
	Depreciation	9,760	14,844	24,604	23,078
	Irrecoverable VAT	2,045	-	2,045	1,617
	Governance:
	Salaries and national insurance	3,263	-	3,263	3,264
	Audit and accountancy	3,625	-	3,625	3,550
		_	_	__	_
		£933,216	£256,841	£1,190,057	£985,789
		_ _	_ _	_ _	_ _

4	Total expenditure
		Salary	Direct	Other	Total	Total
		costs	costs	costs	2021	2020
		£	£	£	£	£
	Covid-19 Emergency Funding	29,925	20,075	-	50,000	-
	Management & Development	3,666	-	8,170	11,836	14,342
	Adult Learning	165,419	47,678	1,653	214,750	165,081
	Greenspace	38,017	90,642	1,438	130,097	51,938
	Cycle Projects	271,514	279,600	6,009	557,123	511,807
	Community Buildings	44,100	146,449	26,769	217,318	205,982
	Sheffield Media Productions	-	-	-	-	28,208
	Governance	3,263	-	3,625	6,888	6,814
	Irrecoverable VAT	-	-	2,045	2,045	1,617
		_	_	______	__	_
		£555,904	£584,444	£49,709	£1,190,057	£985,789
		_ _	_ _	__ ____	_ _	_ _

Page 18

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

			2021	2020
			£	£
5	Net income for the year
	This is stated after charging:-
	Auditors' remuneration	- audit	2,635	2,560
		- accountancy	990	990
	Depreciation		24,604	23,078
			__ ____	__ ____

6	Analysis of staff costs, trustee remuneration and expenses, and the cost
	of key management personnel
	Salaries	511,863	469,417
	Employer's national insurance	34,351	32,235
	Employer's pension contributions	9,690	9,061
		_ _	_ _

No remuneration was paid nor expenses reimbursed to trustees during either year. The average number of staff employed was 28 (2020 - 28).

There were no employees with emoluments exceeding £60,000 in either year.

The key management personnel of the charity comprise the Trustees, the Trust Manager, the Finance Manager, the Learning Manager, the Cycle Projects Manager and the Operations Manager. The total employee benefits of the key management personnel were £175,656 (2020: £165,078).

• 7 Related party transactions

The total amount of donations received from trustees without conditions was £555 (2020 - £407). There were no other related party transactions requiring disclosure in either year.

Page 19

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

8 Tangible assets

Tangible assets
	Freehold	Improvements		Computer
	property &	to leasehold	Motor	and other
	improvements	property	vehicles	equipment	Total
	£	£	£	£	£
Cost and valuation
As at 1st April 2020	603,458	2,177,319	2,338	135,140	2,918,255
Additions	1,180	-	-	10,065	11,245
	_	__	_____	_	__
As at 31st March 2021	604,638	2,177,319	2,338	145,205	2,929,500
	_	__	_____	_	__
Depreciation
As at 1st April 2020	-	89,772	2,240	121,042	213,054
Charge for the year	-	17,996	25	6,583	24,604
	___	_	_____	_	_
As at 31st March 2021	-	107,768	2,265	127,625	237,658
	___	_	_____	_	_
Net book value
As at 31st March 2021	£604,638	£2,069,551	£73	£17,580	£2,691,842
	_ _	_ _		__ ____	_ _

The freehold property was valued at £295,000 in April 2008 by Hale Saunders, Chartered Surveyors. It will be independently valued in the following year once the redevelopment of the site has been completed. In the opinion of the trustees, its value at 31st March 2021 would have been £604,638 being the historic valuation and the cost of the redevelopment.

		2021	2020
		£	£
9	Debtors
	Trade debtors	73,557	148,906
	Grants receivable	78,026	18,092
	Other debtors and prepayments	150,175	57,614
		_	_
		£301,758	£224,612
		_	_
		_	_
10	Creditors - amounts falling due within one year
	Loans	21,500	17,000
	Trade creditors	151,909	41,588
	Taxation and social security	79,932	47,101
	Other creditors	115,354	107,355
	Deferred income (see note 13)	93,985	57,506
	Funds held on behalf of others	560	560
		_	_
		£463,240	£271,110
		_ _	_ _

The funds held on behalf of others comprise £76 held on behalf of South Yorkshire Police and £484 held on behalf of Cycle for Health. There was no movement in these balances during either year.

Page 20

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

		2021	2020
		£	£
11	Creditors - amounts falling due after more than one year
	Loans	£575,969	£593,303
		_ _	_ _

12 Secured liabilities

At 31st March 2021, there were secured liabilities of £564,136 (2020 - £568,636). The loan is secured on the leasehold improvements and represents 27% of the net book value of that asset. The loan has a term of 25 years. Monthly capital repayments of £750 are being made for the period to December 2022, at which time the position will be reviewed. Throughout this period, the interest rate on the loan will remain at 0%.

		2021	2020
		£	£
13	Deferred income
	Balance at 1st April 2020	57,506	52,115
	Amount released to incoming resources	(49,236)	(52,115)
	Amount deferred in the year	85,715	57,506
		______	______
	Balance at 31st March 2021	£93,985	£57,506
		__ ____	__ ____

Deferred income relates to grants received in the year for expenditure which the donor has specified must take place in the following year or fees invoiced in advance of the performance of the relevant activity.

14 Operating lease commitments

At 31st March 2021 the charity had operating leases with total future minimum lease payments as set out below:

set out below:
	2021	2020
	£	£
Amount falling due:
Within 1 year	524	-
Within 2-5 years	786	-

Page 21

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

15 Revaluation reserve Unrealised surplus on revaluation of the freehold property: As at 1st April 2020 and at 31st March 2021

£ £137,664 _ _

		Balance at	Movement	in resources	Transfers	Balance at
		1st April	Incoming	Outgoing		31st March
		2020				2021
		£	£	£	£	£
16	Statement of funds
	Unrestricted funds:
	General funds	113,952	990,299	(927,644)	(11,245)	165,362
	Designated funds	249,864	-	(5,572)	11,245	255,537
	Revaluation reserve	137,664	-	-	-	137,664
		_	_	_	______	_
		501,480	990,299	(933,216)	-	558,563
		_	_	_	______	_
	Restricted funds:
	Covid-19 Emergency Funding	-	50,000	(50,000)	-	-
	Management & Development	8,297	-	-	-	8,297
	Adult Learning	3,750	142,323	(77,212)	-	68,861
	Greenspace	12,800	67,120	(79,920)	-	-
	Cycle Projects	70,573	4,991	(27,243)	-	48,321
	Community Buildings	1,801,116	20,829	(22,466)	-	1,799,479
		__	_	_	___	__
		1,896,536	285,263	(256,841)	-	1,924,958
		__	_	_	___	__
	Total funds	£2,398,016	£1,275,562	£(1,190,057)	£-	£2,483,521
		_ _	_ _	_ _		_ _

The designated fund identifies unrestricted funds that are not free funds and comprises £233,268 being expenditure on the purchase of the Thirlwell Road building, £21,706 being the net book value of equipment purchased using the charity's own reserves and £563 donations from a fun run which have been earmarked for an event in Heeley People's Park.

The restricted funds arise from grants provided for specific projects to fund salaries, other direct charitable costs and the improvements to the leasehold property. The balances carried forward represent the amount of monies received and not expended by 31st March 2021, or the net book value of assets purchased using the grant money.

Page 22

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

16 Statement of funds (continued)

Prior year comparison:
	Balance at	Movement in resources		Transfers	Balance at
	1st April	Incoming	Outgoing		31st March
	2019				2020
	£	£	£	£	£
Unrestricted funds:
General funds	151,719	979,202	(932,740)	(84,229)	113,952
Designated funds	169,313	-	(3,678)	84,229	249,864
Revaluation reserve	137,664	-	-	-	137,664
	_	_	_	______	_
	458,696	979,202	(936,418)	-	501,480
	_	_	_	______	_
Restricted funds:
Management & Development	8,297	-	-	-	8,297
Adult Learning	2,200	6,316	(4,766)	-	3,750
Greenspace	20,000	-	(7,200)	-	12,800
Cycle projects	44,495	40,275	(14,197)	-	70,573
Community Buildings	1,608,012	216,312	(23,208)	-	1,801,116
	__	_	______	___	__
	1,683,004	262,903	(49,371)	-	1,896,536
	__	_	______	___	__
Total funds	£2,141,700	£1,242,105	£(985,789)	£-	£2,398,016
	__	__	_	___	__
	__	__	_	___	__
Analysis of net assets between funds
Fund balances at 31st March	2021 are represented by:
	Unrestricted	Designated	Revaluation	Restricted	Total
	funds	funds	reserve	funds	funds
	£	£	£	£	£
Tangible fixed assets	-	736,652	137,664	1,817,526	2,691,842
Net current assets	259,653	563	-	107,432	367,648
Long term liabilities	(94,291)	(481,678)	-	-	(575,969)
	_	_	_	__	__
Net assets	£165,362	£255,537	£137,664	£1,924,958	£2,483,521
	_	_	_	__	__
	_	_	_	__	__
Prior year comparison:
Fund balances at 31st March	2020 were represented by:
Tangible fixed assets	-	735,167	137,664	1,832,370	2,705,201
Net current assets	221,389	563	-	64,166	286,118
Long term liabilities	(107,437)	(485,866)	-	-	(593,303)
	_	_	_	__	__
Net assets	£113,952	£249,864	£137,664	£1,896,536	£2,398,016
	_ _	_ _	_ _	_ _	_ _

17 Analysis of net assets between funds Fund balances at 31st March 2021 are represented by:

Page 23

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

18 A detailed breakdown of the 2020 statement of financial activities between unrestricted and restricted funds is as follows:

	funds is as follows:
		Unrestricted	Restricted	Total
		funds	funds	funds
		£	£	£
	Income from:
	Donations and similar income	6,965	-	6,965
	Charitable activities:
	Grants receivable	-	262,903	262,903
	Fees earned	777,180	-	777,180
	Rents receivable	189,343	-	189,343
	Other income
	Insurance claim	5,714	-	5,714
		_	_	__
	Total income	979,202	262,903	1,242,105
		_	_	__
	Expenditure on:
	Charitable activities	936,418	49,371	985,789
		_	______	_
	Total expenditure	936,418	49,371	985,789
		_	______	_
	Net income for the year	£42,784	£213,532	£256,316
		______	_	_
		______	_	_
			2021	2020
			£	£
19	Reconciliation of net income to net
	cash flow from operating activities:
	Net income for the year		85,505	256,316
	Adjustments for:
	Depreciation charges		24,604	23,078
	Loss on disposal of fixed assets		-	-
	Increase in stock		(63,673)	(31,149)
	Increase in debtors		(77,146)	(112,544)
	Increase in creditors		187,630	17,767
			_	_
	Net cash provided by operating activities		£156,920	£153,468
			_ _	_ _

Page 24

HEELEY DEVELOPMENT TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021

NOTES TO THE FINANCIAL STATEMENTS

20	Analysis of changes in net debt
		2020	Cash flows	2021
		£	£	£
	Long term borrowings	593,303	(17,334)	575,969
	Short term borrowings	17,000	4,500	21,500
		_	_	_
	Total liabilities	610,303	(12,834)	597,469
	Cash and cash equivalents	(296,853)	(132,841)	(429,694)
		_	_	_
	Total net debt	£313,450	£(145,675)	£167,775
		_ _	_ _	_ _

Page 25